Take a giant leap into setting up a mortgage brokerage

Do you want to be in control of your own destiny? Looking for a career with autonomy? Are you thinking about the opportunity to create your own business? If you’ve answered yes to any of these questions, then mortgage broking as a career is a logical next step.

If you just so happen to be working in financial services, you’ll enter the industry with an advantage, as you’ll come over with skills and experience that translate well into the world of broking.

Changing a career is not a decision that should be taken lightly, so we’ve put together this guide for you to weigh up the reality of switching.

Mortgage broking presents a refreshing challenge and an opportunity for you to build a valuable business.

There are obvious synergies between working in financial services and working as a mortgage broker, and you can use your skills and experiences to form the foundation of a thriving broker business. They may also help financial professionals carve out a niche early on.

The leap of faith

“When I was a banker I was directly involved in planning and lending, but I had to ask myself, as a banker how much can you really do?

There are limited options, and you risk losing clients to a broker who can offer them more

So, I became a broker because I wanted to provide holistic advice, rather than being locked into a specific product. If you have the passion to help someone, you can’t go wrong in going from banking to broking. You’ll be rewarded by taking the leap of faith.”

Andrew Hadjidemetri, AFMS Group

Education will be a piece of cake

If you already have a degree related to finance, chances are you might not find it to be particularly challenging when you study your Certificate IV in Finance and Mortgage Broking and Diploma of Finance and Mortgage Broking Management.

In fact, you might find it to be a good refresher to help you get into a new field. Chances are if you’re coming into broking from accounting or banking that you’ll be used to continuous learning, and your new career pathway will just be an extension of this.

You will be able to find a range of Registered Training Organisations (RTO) near you that offer these courses.

Hit the ground running

“Operating a broking business is different from simply being a loan writer. One thing we have noticed with bankers, accountants and financial planners is that they hit the ground running and are able to build businesses quickly because they already have a strong value proposition.

There are risks that some people new to broking may not be aware of. Over the years we helped hundreds of professionals understand what growth in a mortgage broking business looks like compared to an accounting or financial planning practice. We then work with them to ensure they have all the tools they need to be successful.”

Chris Slater, AFG Head of Sales and Distribution

The challenge of total autonomy

Building processes from the ground up can be both challenging and rewarding and it can take a lot of time to get it right.

However, it is important to be optimistic. As a self-employed broker, you’ll have total autonomy to be able to build your own systems and processes that work for you. Unlike a PAYG financial services role, you can be flexible and make changes as you need to suit your clients, meaning that you’ll be continuously evolving and improving.

A more personal approach to finance

“I made the move into finance and mortgage broking because it is a career that enables you to work one-on-one with your customers at a personal level.

“It is motivating to feel like you are there for a client from the moment they go and pick up their keys on settlement day. Being a mortgage broker is all about knowing you’ve helped to get them to this turning point in their lives.”

Grant Arbuckle, GA Finance